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StoneX's Josh Linville says global phosphate values have ticked up in recent weeks as Russian and Moroccan producers got higher netbacks. Chinese exports are rising, which changes the supply and demand balance, and he calls the near-term outlook a coin flip.
North American prices remain supported by the continued US countervailing duty on major phosphate exporters.
Phosphate prices affect the cost of mineral supplements in feed formulation, and the outlook is mixed, with Chinese export supply weighing on prices while the US duty keeps North American prices firmer.
stonex.comJosh LinvilleJul 31, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Global phosphate values ticking up on higher Russian and Moroccan netbacks, with US countervailing duties supporting North American prices, directly points to DAP price strength.
Phosphate values ticked up as Russian and Moroccan producers secured higher netbacks, Chinese exports rose and US duties supported North American prices, which directly supports a DAP price rise.
